Israeli ICO CoinDash have some good news to report. Just days before the formal launch of its cryptocurrency social trading platform, funds stolen during its July 2017 ICO have reappeared in the firm’s wallet.
The original theft occurred within minutes of the ICO’s start when the wallet address on the CoinDash website was substituted for the hacker’s address. Before the breach was noticed the hacker had taken control of 43,000 ETH, then valued at around $7 million.
To its credit CoinDash took responsibility for the loss and provided tokens to the defrauded investors. At the time it said, “this was a damaging event to both our contributors and our company but it is surely not the end of our project.”
Some Funds Remained Unreturned
Hacks and phishing attempts have become so common in the ICO world that, though the CoinDash theft was disappointing, it was not surprising.
But then, in September, 10,000 ETH were returned to the company, leaving an astonished CoinDash CEO Alon Muroch to say, “a hacker steals a lot of money and out of the blue returns some of it…it’s truly incredible, this industry.”
Now another 20,000 ETH has found its way back.
Despite the potentially destabilising effect of the return, Muroch vows that his company will not be put off by this unexpected development. “Similar to the hack itself, the hacker’s actions will not prevent us from realizing our vision”, he said.
It is not known what prompted the hacker’s change of heart, whether it was a troubled conscience or the complexities involved with accessing the funds. Others have speculated that the phishing operation may now have been operated by so-called white hat hackers.
CoinDash say that they have contacted Israel’s Counter Cyber Terrorist Unit and that the address is being monitored. The hacker still possesses 13,400 ETH, currently worth around $11.6 million, and he, she or they are keeping quiet on what they might do with it.